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litecoin segwit

Litecoin Segwit has been finally approved

Litecoin Segwit has been finally implemented, so this long-debate to change to change the digital currency network can be said to be closed now.

Originally intended to improve the bitcoin blockchain, Segwit – or Segregated Witness – had to solve the so-called block size debate, but it has been used on the lesser known litecoin chain, with some in the community that believes that it will help to finally have a quick implementation on the bitcoin network too.

Litecoin Segwit: how does it work?

Segregated Witness, in fact, is a new system that will allow litecoin to improve its block size, by modifying how transaction data is stored by the blockchain itself.

The change was first locked-in two weeks ago, when the proposal reached the 75% threshold level.

Then, the community had to wait two more weeks (8,064 blocks) to ensure that the upgrade approval was consistent.

After that, yesterday (on May 10th) the change was officially activated at block 1201536.

What does it mean?

Litecoin users can now start using a new kind of network, and there has been at least one transaction so far.

Anyway, several supporters are thrilled about the new techs that can now be created on the Segwit-supported network.

For example, the Lightning Network could boost litecoin transactions by million times; thanks to Segwit it can now be used to move real money.

Developer Loshan T explained to CoinDesk:

“I think today will be a great day for pushing more awesome tech into Litecoin. With SegWit activated on litecoin’s mainnet, I cannot wait until we deploy confidential transactions, Lightning Networks, MAST and Schnorr signatures.”

Unfortunately, these projects are early stage right now, but developers from the Lightning Labs seem thinking that it is too early to talk about sending money over an experimental network, so they plan to continue to develop the chain.

The future is unwritten

It not so clear where the Segwit activation will lead to or what role Litecoin will have in the next future.

Loshan explained that some in the community are skeptical about litecoin needs of the Lightning Network tech because litecoin blocks are not full yet, but they would like to have trustless cross-chain transactions between bitcoin and litecoin as a potential Lightning use case; and developer believes could be a benefit for both the digital currencies.

Anyway, at the moment, the Litecoin blockchain seems to work properly, without any issue, even after the Segwit activation.

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Amelia Tomasicchio

A new proposal for the Bitcoin block size debate: UASF

Amid the Bitcoin block size debate, an anomymous developer recently talked about a project related to a new solution called UASF or user-activated soft fork.

Many in the community are skeptical about this proposal, but there are enough circumstantial evidences to back it up, and a new movement is growing in the hopes of pushing through the change that miners are now being accused of blocking.

Usually, miners are tasked with pushing through a similar fix. But some in the bitcoin community are calling for a different (and older) method of making a change to bitcoin based on support of the known “economic majority”, instead of miner support.

Coinkite founder Rodolfo Novak, an advocate for this new born movement, explained that it aims at correcting perceived inequities that used to dominate the scaling debate.

“Miners trying to centralize bitcoin is an unacceptable thing. It goes against what bitcoin is supposed to be. This UASF is really like saying, ‘No, we control bitcoin, not you.'”

However, UASF-related support seems to be increasing.

Even if the code is not safe yet, a few users are now supporting it with their nodes.

Node support for this change has grown to 4.8%, or by about six times.

“On a technical level, signaling it that way does absolutely nothing, it does however help the case on a social level and prevents users from running an outdated version of the code when enforcing starts,” developer Damian Mee commented.

Due to UASF system, it might be necessary to have an explicit support from the “economic majority,” or exchanges, wallets, and other bitcoin players.

This support is so far at about 6% since the BIP was put out on March 12th.

However, a sizable percentage of bitcoin nodes are running Bitcoin Core, and SegWit, which Mee thinks is a good indicator that the so-called “economic majority” supports SegWit, and the UASF version.

The code is backwards-compatible, so the 80% of nodes that are now ready for SegWit.

That said, we have to tell that the code implementation hasn’t already fully tested or reviewed.

The original activation for SegWit was put at October 1st, 2017, but recently it was moved to August 1st.

Updates: UASF proposal has been changed. Click here to read more about it.

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Amelia Tomasicchio
bitcoin block size

Bitcoin block size: UASF updates its proposal

A controversial Bitcoin block size proposal has been upgraded.

UASF, in fact, is a new idea proposed by a pseudonymous contributor called Shaolingfry.

She/he wants to solve the bitcoin block size debate with a user activated soft fork (UASF), a possible method arount the actual deadlock over the Segregated Witness (Segwit) solution.

Right now, the need for a majority consensus in order to make a decision means  that any mining pool with enough hashing power has the veto power over any proposal; this might be the reason why SegWit is tardy to arrive.

Conversely, UASF wants to bypass the veto power and put the decision only into the hands of bitcoin’s users.

After a first general UASF proposal, Shaolinfry suggested a change – BIP148 – in order to moving the power out of the miners’ decision and give it to the “economic majority”.

Gregory Maxwell and other bitcoin developers refused this proposal because it could undermine the bitcoin blockchain stability.

“We should use the least disruptive mechanisms available and the BIP148 proposal does not meet that test,” he wrote

For this reason, Shaolinfry announced he/she is working on a redraft of the proposal to address some of the concerns suggested by Maxwell and other developers.

Shaolinfry published an announcement post saying that the reason for this changes is related to technical criticisms of how UASF would upgrade the network.

“BIP 148 is certainly not what a normal UASF would or should look like. While support for BIP 148 is surprisingly high, there are definitely important players who support UASF in general but do not like BIP148 approach.”

This revised proposal suggests the use of BIP8, but this concerns how soft forks are implemented.

Segwit and BIP8

Right now, if the 95% hashrate support for the Segregated Witness option is not reached by November 15th, the proposal will be discarded by default.

Anyway, the technical changes made in a proposal (BIP8) would be automatically locked in at the end of the time period, even if they could be adopted sooner.

Shaolinfry’s idea is that after the November 15th, a UASF SegWit proposal will be edited according to the BIP8 changes.

This means that the bitcoin community would have 1 year to prepare the upgrading of a UASF, removing the possible destabilizing effect of a short-term.

“I believe this approach would satisfy the more measured approach expected for bitcoin and does not have the issues Maxwell brought up about BIP148.”

 

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
litecoin segwit

Litecoin Segwit: how it is driving the prices

Maybe because of the recent Litecoin Segwit support, this digital currency price set a new high yesterday, reaching a value of $11.42, its highest price since May 2014.

We cannot define it a cryptocurrency pump, but the market seems to answer to the technical changes in the network.

This price growth, in fact, could be explained thanks to the almost reached the 75% support level needed in order to activatate the Litecoin Segwit (Segregated Witness), or a scaling solution that will improve blocks capacity.

Right now, in fact, just over 70% of miners were giving their support for the Litecoin Segwit.

Even if at press time, Litecoin price declined of about 67%, litecoin traded as high as $11.32 today up nearly 40% in one day, according to CoinMarketCap.

On March 30th, litecoin price increased of about 70% and, always according to Coinmarketcap data, its 24-hour volume passed $250m today.

Litecoin SegWit support

These important new Litecoin highs have coincided with the almost reached support level needed for activating the Litecoin SegWit.

First designed to be used on the Bitcoin blockchain, SegWit would increase the block capacity by modifying how transaction data is stored by the blockchain itself.

Once reached, the support level will have to remain at or above the 75% threshold level for 8,064 blocks (almost two weeks) before SegWit can officially be activated.

The litecoin price reached $50 in late 2013, but it has traded below $20 since early 2014.

Click here to read more about SegWit and a new Bitcoin potential fork.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bitcoin Price today Breaches $750

The Bitcoin price today keeps growing up over the value of $750.

This is the sixth time that bitcoin price breaches $750 since mid-November, as revealed by the CoinDesk USD Bitcoin Price Index.

Bitcoin was subject to much volatility during a low trading volume, as CoinMarketCap data showed that during the session, the 24-hour trading volume was roughly $90 million.

This was a lower trading activity compared to last month, when it reached $174 million on November 3rd and $173 million on November 17th.

The digital currency price passed the $750 value several times during November.

The Bitcoin price first breached $750 on 17th November, maintaining this level for a short time, then moving back to a lower value even under $ 700.

Also, it is important to remember that the bitcoin price today exceeded $750 and it did the same many times recently, but it never breached $755 during the last few weeks.

In India the bitcoin price exploded and last week it reached almost $1000 as the country tried to exchange value via Zebpay and Unocoin.

According to Coindesk, the bitcoin price today also reached a growing value of Eur 724, and

2016 has been a great year for Bitcoin. For example, scalability innovations like Segregated Witness have been introduced to the Bitcoin community, many positive Blockchain tests have taken place and many new markets have turned to Bitcoin as a new method of payment.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio
bitcoin segwit

Infographic: What is Segregated Witness?

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jorge